How to Open a Business Bank Account in Finland: A Guide for U.S. Entrepreneurs

Expanding your U.S. business into Finland opens doors to the thriving Nordic market. However, an essential first step is establishing your financial infrastructure. This guide will walk you through how to open a business bank account in Finland, tailored specifically for American entrepreneurs and U.S.-based companies.

We will cover why a Finnish bank account is necessary, the key documentation you’ll need, and the differences between traditional and digital banking options to help you navigate the process.

Why You Need a Finnish Business Bank Account

For any U.S. company establishing a legal entity in Finland, a local business bank account is a requirement. For legal structures like a limited liability company, you must open a corporate account to deposit the initial share capital necessary and complete your business registration.¹ This account also creates a clear separation between your personal and business finances, which is essential for accurate accounting and tax reporting in compliance with Finnish law.²

Now that we’ve established why, let’s look at the key requirements for how to open a business bank account in Finland.

Key Requirements for Opening a Business Bank Account in Finland

Opening a company bank account always requires a trade register extract.¹ The specific documents required will vary by bank and your company’s legal structure. However, there are standard items you will need to prepare to prove your identity and your company’s legal standing.

Getting Your Business ID (Y-tunnus)

Before approaching a bank, your business must be registered with the Finnish Trade Register. Upon successful registration, you will receive a Finnish Business ID (Y-tunnus), which is similar to an Employer Identification Number (EIN) in the United States.³ This ID is fundamental for nearly all business operations in Finland, including opening a bank account.

Once you have your business ID, gathering the correct paperwork is your next step.

Required Documentation

Below are the typical documents needed for different business structures.¹

Sole Proprietors (Private Traders)¹

The process is simplest for sole proprietors. You will generally need:

• An extract from the trade register (no more than three months old).
• A business plan or report on the nature of your operations.
• Your personal identification document (passport).

Limited Liability Companies¹

This structure requires more comprehensive documentation:

• An extract from the Trade Register.
• The company’s Articles of Association.
• Minutes from the board meeting where the decision to open the account was made.
• A report on the nature of the company’s operations.
• Personal identification for all individuals authorized to use the account.

If you are opening the account to deposit share capital before the company is officially in the Trade Register, you must provide the company's Memorandum of Association and a certificate from the Trade Register proving you have submitted a start-up notification.¹

Foreign Companies¹

For a U.S.-based company opening a Finnish account, banks have stringent know-your-customer requirements. Be prepared to provide:

• An extract from your U.S. state’s business register.
• Your company’s Articles of Association or a corresponding document.
• A letter of recommendation from your primary U.S. bank.
• A detailed report on why you need a Finnish account and the nature of your business.
• An official company document authorizing the account opening and naming the users.
• Passport copies for all authorized account users.

Note that some banks may require these documents to be officially translated into Finnish or Swedish.¹

You have two primary pathways when choosing how to bank in Finland: established branch banks and modern digital-first providers.

Wise Business Could Help Your Company Save on Global Payments

The Process: Traditional Banks vs. Digital Alternatives

Traditional Finnish Banks

Major institutions like Nordea, OP Bank and Kuntarahoitus Oyj are the largest in Finnish banking.⁴ They offer the benefit of in-person service at physical branches, which can be helpful for complex applications. However, this route can be slower and more challenging for non-residents, as their processes are often geared toward local businesses.

Digital Banks and Online Providers

The fintech landscape has introduced several digital-first banking solutions. Opening a business account online can be significantly faster and more convenient, especially for foreign entrepreneurs.³ However, a notable hurdle for non-Finnish citizens is gaining access to online banking services, which may require obtaining a Foreigner’s ID card from the local police to set up a mobile ID.³

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• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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Conclusion

Opening a business account in Finland is an exciting step that also requires careful preparation, from getting a Business ID to gathering the right documents. While traditional banks are an option, modern digital providers often offer U.S. entrepreneurs the speed and flexibility needed for a smooth entry into the Finnish market and efficient international financial management.

Frequently Asked Questions

Can a foreigner open a bank account in Finland?

Yes, a foreigner can open a personal bank account, but it often requires a Finnish personal identity code and proof of address. For a business account, the process is tied to your company’s registration in Finland.¹

Can a foreigner open a business bank account in Finland?

Yes. It’s standard practice for foreign entrepreneurs establishing a company in Finland. However, if your business is registered abroad (e.g., in the U.S.), be prepared for a more intensive documentation and verification process, as outlined earlier. Banks are not legally obligated to open an account for a company and may decline if their risk criteria are not met.¹

Which bank is best to open a small business account?

The "best" bank depends on your needs. For U.S. entrepreneurs who prioritize remote management, speed, and international flexibility, digital solutions or global financial platforms like Wise often provide a more streamlined experience.

How do I get a Business ID in Finland?

You receive a Business ID (Y-tunnus) automatically when you register your company with the Finnish Trade Register by filing a startup notification.³ This unique identifier is essential for all official business activities, including taxes, permits, and banking.

Sources:

1. Opening a Bank Account for a Company | Suomi.fi
2. Starting a Business in Finland as a Foreigner | The Nordic Gem
3. How to Open a Bank Account in Finland | Narvi
4. Major Banks of Finland | TheBanks.eu